We purchased four adjacent property parcels exceeding four acres in separate transactions as an assemblage strategy. Almost all of the 3.8 acres are contiguous and include 825 feet of frontage on White Oak Street, one of the most sought after commercial streets in the sub-market. Since 2015, we increased NOI by nearly 75% through a combination of (1) constructing 10,000 square feet of new retail space and (2) a considerable increase of market rents in the area
Our tenants include service providers and popular restaurants and bars offering entertainment and food & beverage experiences which cannot be easily disintermediated by the internet.
The Heights is one of the most “walkable” areas in Houston. From 2016 to 2022, effective rental rates have increased by more than 75% within the submarket. Retail occupancy is high and rent concessions are low to non-existent. In the next development cycle, we expect to develop and manage a considerable number of multi-family residential apartments adjacent to our retail properties at this location.
